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Axalta Coating Systems Ltd. (NYSE: AXTA - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 7,826,959 shares, a growth of 29.4% from the March 15th total of 6,048,490 shares. Approximately 3.7% of the shares of the company

On April 17, 2026, Axalta Coating Systems Ltd (AXTA) shares rose 4.4% today, bringing the current price to $30.00. The stock has traded between $24.94 and $35.7

Wall Street expects a year-over-year decline in earnings on lower revenues when Axalta Coating Systems (AXTA - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis high-performance coating system maker is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of -15.3%.

Revenues are expected to be $1.2 billion, down 4.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Axalta Coating Systems?For Axalta Coating Systems, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.14%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Axalta Coating Systems will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Axalta Coating Systems would post earnings of $0.6 per share when it actually produced earnings of $0.59, delivering a surprise of -1.67%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Axalta Coating Systems doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Chemical - Specialty industry, Ashland (ASH - Free Report) , is soon expected to post earnings of $0.98 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -1%. This quarter's revenue is expected to be $492.31 million, up 2.8% from the year-ago quarter.

The consensus EPS estimate for Ashland has been revised 1.6% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -6.67%.

This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Ashland will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Axalta Coating Systems (AXTA - Free Report) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.97%. A quarter ago, it was expected that this high-performance coating system maker would post earnings of $0.6 per share when it actually produced earnings of $0.59, delivering a surprise of -1.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Axalta Coating Systems, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $1.25 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.50%. This compares to year-ago revenues of $1.26 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Axalta Coating Systems shares have lost about 12.7% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for Axalta Coating Systems?While Axalta Coating Systems has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Axalta Coating Systems was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $1.33 billion in revenues for the coming quarter and $2.60 on $5.2 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Flexible Solutions International Inc. (FSI - Free Report) , is yet to report results for the quarter ended March 2026.

This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has been revised 41.7% lower over the last 30 days to the current level.

Flexible Solutions International Inc.'s revenues are expected to be $9.85 million, up 31.9% from the year-ago quarter.

Axalta Coating Systems (AXTA - Free Report) reported $1.25 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 0.6%. EPS of $0.56 for the same period compares to $0.59 a year ago.

The reported revenue represents a surprise of +4.5% over the Zacks Consensus Estimate of $1.2 billion. With the consensus EPS estimate being $0.50, the EPS surprise was +12.97%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Axalta Coating Systems performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Sales- Performance Coatings- Refinish: $498 million versus $475.37 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -2.5% change.Sales- Performance Coatings- Industrial: $304 million compared to the $294.47 million average estimate based on three analysts. The reported number represents a change of -2.3% year over year.Sales- Mobility Coatings- Total: $452 million versus the three-analyst average estimate of $438.19 million. The reported number represents a year-over-year change of +2.7%.Sales- Mobility Coatings- Commercial vehicle: $103 million compared to the $97.65 million average estimate based on three analysts. The reported number represents a change of +3% year over year.Sales- Performance Coatings- Total: $802 million versus the three-analyst average estimate of $769.84 million. The reported number represents a year-over-year change of -2.4%.Sales- Mobility Coatings- Light vehicle: $349 million versus $340.55 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +2.7% change.Adjusted EBIT- Mobility Coatings: $79 million compared to the $75.44 million average estimate based on three analysts.Adjusted EBIT- Performance Coatings: $180 million compared to the $171.4 million average estimate based on three analysts.View all Key Company Metrics for Axalta Coating Systems here>>>

Shares of Axalta Coating Systems have returned +2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

/PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws

NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Calix, Inc. (NYSE: CALX) between January 28, 2026 and April 21, 2026, inclusive (the “Class Period”), of the important July 27, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Calix securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Calix class action, go to https://rosenlegal.com/cases/calix-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Calix's first quarter margins had significantly benefited from advanced purchasing of memory components; (2) Calix's advanced supply of memory components was dwindling; (3) as a result, Calix was experiencing negative margin pressure as it was forced to purchase memory components at rising market prices; and (4) as a result of the foregoing, defendants' positive statements about Calix's margins, business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Calix class action, go to https://rosenlegal.com/cases/calix-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

SAN DIEGO, June 9, 2026 /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Calix, Inc. (NYSE: CALX) securities between January 28, 2026 and April 21, 2026. Calix engages in the provision of cloud and software platforms, and systems and services.

Important Notice Regarding Alleged Memory Component 'Advanced Purchasing' Misrepresentations That Masked Rising Costs for CALX Investors NEW YORK, June 10, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Calix, Inc. (NYSE: CALX) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between January 28, 2026 and April 21, 2026. Find out if you qualify to recover losses.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Calix To Contact Him Directly To Discuss Their Options If you purchased or acquired securities in Calix between January 28, 2026 and April 21, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] New York, New York--(Newsfile Corp. - June 10, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Calix, Inc. ("Calix" or the "Company") (NYSE: CALX) and reminds investors of the July 27, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

LOS ANGELES, June 10, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Calix, Inc., (“Calix” or the "Company") (NYSE: CALX) investors of a class action on behalf of investors that bought securities between January 28, 2026 and April 21, 2026, inclusive (the “Class Period”). Calix investors have until July 27, 2026 to file a lead plaintiff motion.

LOS ANGELES, June 11, 2026 /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Calix, Inc. ("Calix" or "the Company") (NYSE: CALX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Shareholders who purchased shares of CALX during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments.

Calix, Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - CALX PR Newswire

Time-Sensitive: Allegations Focus on Misleading Margin Record Representations While Lower-Cost Memory Supply Was Allegedly Dwindling NEW YORK, June 11, 2026 /PRNewswire/ -- SueWallSt alerts investors in Calix, Inc. (NYSE: CALX) of a pending securities class action. Class Period: January 28, 2026 through April 21, 2026.

New York, New York--(Newsfile Corp. - June 11, 2026) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Calix, Inc. (NYSE: CALX) and certain of its officers.

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Calix securities between January 28, 2026 and April 21, 2026, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/CALX.

Calix Case Details

The Complaint alleges that throughout the Class Period, defendants failed to disclose to investors:

the Company's first quarter margins had significantly benefited from advanced purchasing of memory components; that the Company's advanced supply of memory components was dwindling; that, as a result, the Company was experiencing negative margin pressure as it was forced to purchase memory components at rising market prices; and that, as a result of the foregoing, Defendants' positive statements about the Company's margins, business, operations, and prospects were materially misleading and/or lacked a reasonable basis.What's Next for Calix Investors?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/CALX, or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Calix you have until July 27, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

No Cost to Calix Investors

We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman, LLC for Calix Securities Class Action?

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com

"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299245

Source: Bronstein, Gewirtz & Grossman, LLC

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Calix To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Calix between January 28, 2026 and April 21, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - June 11, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Calix, Inc. ("Calix" or the "Company") (NYSE: CALX) and reminds investors of the July 27, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company's first quarter margins had significantly benefited from advanced purchasing of memory components; (2) that the Company's advanced supply of memory components was dwindling; (3) that, as a result, the Company was experiencing negative margin pressure as it was forced to purchase memory components at rising market prices; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's margins, business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 21, 2026, Calix reported results for the first quarter of 2026 earnings, including that "Non-GAAP gross margin was 57.2%, down 80 basis points sequentially." Further, the Company reported "gross margin guidance for the second quarter of 2026 is between 54.25% and 57.25%" and "[f]or the year, we expect our non-GAAP gross margin to decline between 50 and 150 basis points."

In the accompanying earnings call, the Company's CFO stated "advanced purchasing had allowed us to avoid higher memory component costs during the first quarter. However, that advanced supply has run its course, and we now face market prices."

On this news, Calix's stock price fell $6.93, or 13.98% to close at $42.65 per share on April 22, 2026, on unusually heavy trading volume.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Calix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Calix class action, go to www.faruqilaw.com/CALX or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300904

Source: Faruqi & Faruqi LLP

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8 Knots Management LLC trimmed its holdings in shares of Evolent Health, Inc (NYSE: EVH) by 39.3% in the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,768,113 shares of the technology company's stock after selling 1,145,022 shares during the

Evolent Health, Inc (NYSE: EVH - Get Free Report) has earned an average rating of "Moderate Buy" from the seventeen analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company.

, /PRNewswire/ -- Evolent Health, Inc. (NYSE: EVH) ("Evolent" or the "Company"), a company that specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable, today announced financial results for the three months ended March 31, 2026.

Seth Blackley, Co-Founder and Chief Executive Officer of Evolent stated, "I am happy with the strong start to the year. We are on track with our plan and have had successful, on-time oncology launches at both Highmark and Aetna. As we look into 2027 and beyond, we remain focused on both extending our market leadership in oncology and addressing the big opportunity we have with AI, all while fulfilling our commitments to shareholders, employees and customers."

Highlights for the three months ended March 31, 2026 include (dollars in thousands, except for average PMPM fees and revenue per case):

For the Three Months
Ended March 31,

2026

2025

Financial Results:

Revenue

$  496,246

$  483,649

Net loss attributable to common shareholders of Evolent Health, Inc.

$   (26,632)

$   (72,250)

Net loss margin

(5.4) %

(14.9) %

Adjusted EBITDA

$    22,067

$    36,860

Adjusted EBITDA Margin

4.4 %

7.6 %

Average Lives on Platform/Cases

Performance Suite

6,078

6,486

Specialty Technology and Services Suite

76,101

77,079

Administrative Services

1,118

1,213

Cases

11

14

Average Unique Members

38,903

40,628

Average PMPM Fees/ Revenue per Case

Performance Suite

$      17.73

$      15.57

Specialty Technology and Services Suite

0.35

0.36

Administrative Services

14.78

15.72

Cases

3,772

2,947

Medical Expense Ratio

93.3 %

68.0 %

Medical Expense Ratio excluding Evolent Care Partners

93.3 %

84.0 %

The rising medical costs impacting health plans continue to drive robust demand for Evolent's complex specialty care solutions.

Evolent announced two new revenue agreements:

An existing Performance Suite client has signed a contract for our advanced imaging solution, which is expected to go live in the third quarter, subject to state regulatory approvals in certain states, with approximately 4.5 million lives across the Commercial, Medicaid and Medicare lines of business. In the Performance Suite, one of our national payer clients is expanding their line‑of‑business reach of our existing Oncology and Cardiology solution into several new markets across the Commercial and Medicare lines of business. This expansion is expected to generate over $200 million of annual revenue and is scheduled to go live in the third quarter subject to regulatory approvals in certain states. Financial Results of Evolent Health, Inc.

In our earnings releases, prepared remarks, conference calls, slide presentations and webcasts, we may use or discuss financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"). Definitions of the non-GAAP financial measures as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are presented herein. See "Non-GAAP Financial Measures" for more information.

Reported Results

Evolent Health, Inc. reported the following results in accordance with GAAP (dollars in thousands, except for per share data):

For the Three Months
Ended March 31,

2026

2025

Revenue

$  496,246

$  483,649

Cost of revenue

$  412,472

$  381,178

Selling, general and administrative expenses

$    72,818

$    78,409

Net loss attributable to common shareholders of Evolent Health, Inc.

$   (26,632)

$   (72,250)

Net loss margin

(5.4) %

(14.9) %

Loss per share attributable to common shareholders of Evolent Health, Inc.

Basic and diluted

$       (0.24)

$       (0.63)

Total cash and cash equivalents was $142.0 million as of March 31, 2026.

Adjusted Results

Evolent Health, Inc. reported the following adjusted results (dollars in thousands, except for per share data):

For the Three Months
Ended March 31,

2026

2025

Adjusted cost of revenue

$  411,953

$  380,521

Adjusted selling, general and administrative expenses

$    62,226

$    66,268

Adjusted EBITDA

$    22,067

$    36,860

Adjusted EBITDA margin

4.4 %

7.6 %

Adjusted income (loss) attributable to common shareholders

$     (2,253)

$      7,445

Adjusted income (loss) per share attributable to common shareholders:

Basic

$       (0.02)

$        0.06

Business Outlook       

The Company does not believe it can meaningfully reconcile guidance for non-GAAP Adjusted EBITDA to net income (loss) attributable to common shareholders of Evolent Health, Inc. because the Company cannot provide guidance for the more significant reconciling items between net income (loss) attributable to common shareholders of Evolent Health, Inc. and Adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of our core operations, and as a result from changes to our business due to transactions and other events. Such items may, from time to time, include change in tax receivable agreement liability, other refinancing fees, gain (loss) from equity method investees, gain (loss) on repayment/extinguishment of debt, other income (expense), gain (loss) on disposal of non-strategic assets, goodwill impairments, right-of-use asset impairments, gain (loss) on lease terminations, stock-based compensation expense, severance costs and transaction-related costs. Such adjustments may be affected by changes in ongoing assumptions, judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains (losses) or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant.

Full Year 2026 Guidance

Incorporating its year-to-date performance, the Company is reiterating its 2026 revenue guidance range of $2.4 billion to $2.6 billion and Adjusted EBITDA range of approximately $110 million to $140 million, respectively.

Additional Outlook Information

The Company expects to deploy approximately $25 million to $30 million in cash for capitalized software development during 2026.

This "Business Outlook" section contains forward-looking statements, and actual results may differ materially. Factors that may cause actual results to differ materially from our current expectations in addition to those set forth above are set forth below in "Forward Looking Statements - Cautionary Language" and Evolent Health, Inc.'s filings with the Securities and Exchange Commission ("SEC").

Web and Conference Call Information

Evolent Health, Inc. will hold a conference call to discuss its financial performance and related matters this morning, May 7, 2026, at 8:00 a.m., Eastern Time. To listen to a live broadcast via the internet and view the accompanying materials, please visit the Company's Investor Relations website at http://ir.evolent.com. To participate by telephone, dial (855) 940-9467, or (412) 317-6034 for international callers, and ask to join the "Evolent Health call." Participants are advised to dial in at least fifteen minutes prior to the call to register. The call will be archived on the Company's website for one week and will be available beginning later this evening. Evolent invites all interested parties to attend the conference call.

About Evolent 

Evolent specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable. Evolent serves a national base of leading payers and providers and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting evolent.com.

Contacts:

[email protected]

Definitions

Revenue Agreements

Evolent reports the number of new revenue agreements signed for Performance Suite, Specialty Technology and Services Suite, Administrative Services and Case-based products. A new revenue agreement includes incremental revenue to the Company reflecting contracts for services to both new partner entities, corporations or health plans as well as additional sales to existing partners. New revenue agreements may include incremental services, geographic, or line of business expansions or a combination thereof. The conversion of Specialty Technology and Services Suite contracts to Performance Suite are also included in this definition. The Company does not count renewals for existing scope, growth of membership within an existing contract scope or transaction-related purchase agreements, if applicable, in this metric.

Lives on Platform and Per Member Per Month ("PMPM") Fee

Performance Suite Lives on Platform are calculated by summing monthly members covered for specialty care services for contracts not under ASO arrangements, plus members managed by Complex Care in capitation arrangements and divided by the number of months in the period. Specialty Technology and Services Suite Lives on Platform are calculated by summing monthly members covered for oncology, cardiology, musculoskeletal, advanced imaging and other diagnostic specialty care services for contracts under ASO arrangements divided by the number of months in the period. Administrative Services Lives on Platform are calculated by summing monthly members covered for administrative services implementation and core performance services divided by the number of months in the period. Cases are calculated by summing the number of individuals receiving services through our surgery management and advanced care planning programs in a given period. Members covered for more than one category are counted in each category.

Performance Suite Average PMPM fee is defined as revenue pertaining to our Performance Suite during the period reported divided by Performance Suite Lives on Platform for the period divided by the number of months in the period. Specialty Technology and Services Suite Average PMPM fee is defined as revenue pertaining to the Specialty Technology and Services Suite during the period reported divided by Specialty Technology and Services Suite Lives on Platform for the period divided by the number of months in the period. Administrative Services Average PMPM fee is defined as revenue pertaining to the Administrative Services during the period reported divided by the Administrative Services Lives on Platform for the period divided by the number of months in the period. Revenue per Case is calculated by the revenue pertaining to surgery management and advanced care planning programs divided by the number of cases for a given period.

Average Unique Members are calculated by summing members covered by our Performance Suite, Specialty Technology and Services Suite and Administrative Services. In cases where partners cross between multiple solutions, we only capture members from the solution with the maximum number of members.

Management uses Lives on Platform, PMPM fees, Cases, Revenue per Case and Average Unique Members because we believe that they provide insight into the unit economics of our services. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance.

Medical Expense Ratio

Medical Expense Ratio ("MER") is a key performance indicator used by management for purposes of monitoring operating performance and is calculated as GAAP total claims incurred related to our specialty care management services solution divided by GAAP revenue related to our Performance Suite. Management believes MER is useful to investors because it provides insight into the efficiency with which medical costs are managed relative to revenue and helps identify trends in the underlying performance. For periods prior to the consummation of the sale of Evolent Care Partners ("ECP") in December 2025, we present non-GAAP MER excluding revenues from ECP because is not indicative of ongoing operations.

EVOLENT HEALTH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands, except per share data)

For the Three Months
Ended March 31,

2026

2025

Revenue

$   496,246

$   483,649

Expenses

Cost of revenue

412,472

381,178

Selling, general and administrative expenses

72,818

78,409

Depreciation and amortization expenses

21,555

24,058

Loss on lease termination

—

1,906

Change in fair value of contingent consideration

—

(280)

Operating expenses

506,845

485,271

Operating loss

(10,599)

(1,622)

Interest income

1,014

1,274

Interest expense

(16,868)

(10,385)

Loss from equity method investees

(11)

(19)

Loss on option exercise

—

(52,348)

Other income (expense), net

742

(48)

Loss before income taxes

(25,722)

(63,148)

Provision for income taxes

910

1,470

Loss before preferred dividends and accretion of Series A Preferred Stock including
excise tax

(26,632)

(64,618)

Dividends and accretion of Series A Preferred Stock including excise tax

—

(7,632)

Net loss attributable to common shareholders of Evolent Health, Inc.

$   (26,632)

$   (72,250)

Loss per common share

Basic and diluted

$       (0.24)

$       (0.63)

Weighted-average common shares outstanding

Basic and diluted

111,905

115,315

Comprehensive loss

Net loss attributable to common shareholders of Evolent Health, Inc.

$   (26,632)

$   (72,250)

Other comprehensive loss, net of taxes, related to:

Foreign currency translation adjustment

(1,002)

24

Total comprehensive loss attributable to common shareholders of Evolent Health, Inc.

$   (27,634)

$   (72,226)

EVOLENT HEALTH, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

March 31, 2026

December 31,
2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$            142,028

$           151,856

Restricted cash

23,977

26,134

Accounts receivable, net

314,158

309,861

Prepaid expenses and other current assets

21,847

18,521

  Total current assets

502,010

506,372

Restricted cash

2,739

2,706

Investments and equity method investees

8,955

8,966

Property and equipment, net

81,181

80,785

Right-of-use assets - operating

3,866

4,373

Prepaid expenses and other noncurrent assets

2,250

3,078

Contract cost assets

13,731

13,537

Intangible assets, net

569,682

584,937

Goodwill

694,433

694,482

Total assets

$         1,878,847

$        1,899,236

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Current liabilities:

Accounts payable

$              63,007

$             59,776

Accrued liabilities

45,063

65,755

Operating lease liability - current

8,779

15,343

Accrued compensation and employee benefits

31,007

50,987

Deferred revenue

1,417

1,203

Reserve for claims and performance - based arrangements

231,962

192,196

  Total current liabilities

381,235

385,260

Long-term debt, net

973,486

970,537

Other long-term liabilities

8,091

8,012

Tax receivables agreement liability

108,909

108,909

Operating lease liabilities - noncurrent

3,160

3,818

Deferred tax liabilities, net

7,573

7,506

Total liabilities

1,482,454

1,484,042

Shareholders' Equity

Class A common stock - $0.01 par value; 750,000,000 shares authorized;
118,449,473 and 117,603,806 shares issued, respectively

1,185

1,176

Additional paid-in-capital

1,802,222

1,793,398

Accumulated other comprehensive loss

(3,626)

(2,624)

Retained earnings (accumulated deficit)

(1,341,959)

(1,315,327)

Treasury stock, at cost; 5,971,712 and 5,971,712 shares issued, respectively

(61,429)

(61,429)

Total shareholders' equity

396,393

415,194

Total liabilities and shareholders' equity

$         1,878,847

$        1,899,236

EVOLENT HEALTH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

For the Three Months
Ended March 31,

2026

2025

Cash Flows (Used In) Provided by Operating Activities

Loss before preferred dividends and accretion of Series A Preferred Stock

$  (26,632)

$  (64,618)

Adjustments to reconcile net loss to net cash and restricted cash provided by operating
activities:

Change in fair value of contingent consideration

—

(280)

Loss (gain) from equity method investees

11

19

Loss on option exercise

—

52,348

Depreciation and amortization expenses

21,555

24,058

Stock-based compensation expense

10,649

11,081

Deferred tax benefit

577

295

Amortization of contract cost assets

931

1,237

Amortization of deferred financing costs

2,949

1,154

Loss on lease termination

—

1,906

Right-of-use operating assets

507

408

Other current operating cash inflows (outflows), net

—

2

Changes in assets and liabilities, net of acquisitions:

  Accounts receivable, net and contract assets

(4,297)

(15,815)

  Prepaid expenses and other current and non-current assets

(3,372)

(7,729)

  Contract cost assets

(1,125)

(1,193)

  Accounts payable

5,388

3,264

  Accrued liabilities

(20,982)

(18,879)

  Operating lease liabilities

(7,222)

(2,820)

  Accrued compensation and employee benefits

(19,980)

2,195

  Deferred revenue

214

2,510

  Reserve for claims and performance-based arrangements

39,766

15,137

  Other long-term liabilities

79

285

  Net cash and restricted cash (used in) provided by operating activities

(984)

4,565

Cash Flows Used In Investing Activities

Cash paid for asset acquisitions and business combinations

—

(4,498)

Investments in internal-use software and purchases of property and equipment

(6,406)

(8,595)

Net cash and restricted cash used in investing activities

(6,406)

(13,093)

Cash Flows (Used In) Provided by Financing Activities

Changes in working capital balances related to claims processing

(2,157)

(41,476)

Proceeds from issuance of long-term debt, net of offering costs

—

221,000

Repayment of debt

—

(62,500)

Payment of preferred dividends

—

(4,577)

Taxes withheld and paid for vesting of equity awards

(1,816)

(4,593)

Net cash and restricted cash (used in) provided by financing activities

(3,973)

107,854

Effect of exchange rate on cash and cash equivalents and restricted cash

(589)

23

Net increase (decrease) in cash and cash equivalents and restricted cash

(11,952)

99,349

Cash and cash equivalents and restricted cash as of beginning-of-period

180,696

178,496

Cash and cash equivalents and restricted cash as of end-of-period

$ 168,744

$ 277,845

Non-GAAP Financial Measures

The Company views the following activities as integral to understanding its non-GAAP financial measures:

Transaction-related costs include but are not limited to integration consultants, investor outreach services, external valuation and accounting advisory services, legal fees, transaction bonuses paid to certain employees and other transaction related costs. We adjust these costs because transaction-related costs are expensed when incurred and are not indicative of Evolent's normal operating costs. Purchase accounting adjustments include amortization expense on intangible assets such as corporate trade names, customer, relationships, provider network contracts and existing technology related to acquisitions and business combinations. We believe it is important for the reader to understand that revenue generated from acquisitions is included within revenue in calculating adjusted income to common shareholders however amortization expense from acquired intangible assets is excluded in determining adjusted income to common shareholders because it does not directly relate to the services performed for the Company's customers. In addition to disclosing financial results that are determined in accordance with GAAP, we present Adjusted Cost of Revenue, Adjusted Selling, General and Administrative Expenses, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Income (Loss) Attributable to Common Shareholders, which are all non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance.

Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are defined as cost of revenue and selling, general and administrative expenses calculated in accordance with GAAP, respectively, adjusted to exclude the impact of stock-based compensation expenses, severance costs and transaction-related costs. Management believes Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are useful to investors, because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not a representative component of the day-to-day operating performance of our business, and are useful to management as supplemental performance measures.

Adjusted EBITDA is defined as net loss attributable to common shareholders of Evolent Health, Inc. before interest income, interest expense, provision for income taxes, depreciation and amortization expenses, loss from equity method investees, loss on option exercise, change in fair value of contingent consideration, other income (expense), net, loss on lease termination, stock-based compensation expense, severance costs, dividends and accretion of Series A Preferred Stock and transaction-related costs.

Management believes that Adjusted EBITDA is useful to investors because it allows investors to evaluate the Company's performance using tools that management uses to evaluate past performance and prospects for future performance. Management also uses Adjusted EBITDA as a supplemental performance measure because the removal of adjustments to net loss attributable to common shareholders of Evolent Health, Inc. allows us to focus on operational performance.

Adjusted EBITDA Margin is defined Adjusted EBITDA divided by Revenue. Management believes that this measure is useful to investors because it allows further insight into the period over period operational performance. Management also uses Adjusted EBITDA Margin as a supplemental performance measure because it allows the investor to understand operational performance compared to revenues over time.

Adjusted Income (Loss) Attributable to Common Shareholders is defined as net loss attributable to common shareholders of Evolent Health, Inc. adjusted to loss from equity method investees, other income (expense), net, provision for income taxes, change in fair value of contingent consideration, loss on option exercise, purchase accounting adjustments, loss on lease termination, stock-based compensation expense, severance costs, transaction-related costs and the tax impact of non-GAAP adjustments.

Adjusted Income (Loss) per Share Attributable to Common Shareholders is defined as Adjusted Income (Loss) Attributable to Common Shareholders divided by Weighted-Average Common Shares, and reflects the adjustments made in those non-GAAP measures.

Management believes that Adjusted Income (Loss) Attributable to Common Shareholders and Adjusted Income (Loss) per Share Attributable to Common Shareholders are useful to investors because they provide a measure of the Company's net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance.

These adjusted measures do not represent and should not be considered as alternatives to GAAP measurements, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. A reconciliation of these adjusted measures to their most comparable GAAP financial measures is presented in the tables below. We believe these measures are useful across time in evaluating our fundamental core operating performance.

Evolent Health, Inc.

Reconciliation of Adjusted Results of Operations

(unaudited, in thousands)

Reconciliation of Adjusted Cost of Revenue to

Cost of Revenue

For the Three Months
Ended March 31,

2026

2025

Cost of revenue

$   412,472

$   381,178

Less:

Stock-based compensation

519

657

  Adjusted cost of revenue

$   411,953

$   380,521

Reconciliation of Adjusted Selling, General and Administrative Expenses to

Selling, General and Administrative Expenses

For the Three Months
Ended March 31,

2026

2025

Selling, general and administrative expenses

$     72,818

$     78,409

Less:

Stock-based compensation

10,130

10,424

Severance costs

—

1,014

Transaction-related costs

462

703

  Adjusted selling, general and administrative expenses

$     62,226

$     66,268

Evolent Health, Inc.

Reconciliation of Medical Expense Ratio

(unaudited, in thousands except MER percentages)

For the Three Months
Ended March 31,

2026

2025

Revenue

Performance Suite

$ 323,303

$ 303,021

Specialty Technology and Services Suite

80,799

82,821

Administrative Services

49,587

57,191

Cases

42,557

40,616

  Total revenue

496,246

483,649

Less:

Revenue from Evolent Care Partners

—

57,799

Performance Suite revenue less revenue from Evolent Care Partners

323,303

245,222

Total claims incurred related to our specialty care management services solution

301,777

205,992

Medical expense ratio

93.3 %

68.0 %

Medical expense ratio excluding Evolent Care Partners

93.3 %

84.0 %

Evolent Health, Inc.

Reconciliation of Adjusted EBITDA to Net Income (Loss)

Attributable to Common Shareholders of Evolent Health, Inc.

(unaudited, in thousands)

For the Three Months
Ended March 31,

2026

2025

Net loss attributable to common shareholders of Evolent Health, Inc.

$  (26,632)

$  (72,250)

Net loss margin

(5.4) %

(14.9) %

Less:

Interest income

1,014

1,274

Interest expense

(16,868)

(10,385)

Provision for income taxes

(910)

(1,470)

Depreciation and amortization expenses

(21,555)

(24,058)

Loss from equity method investees

(11)

(19)

Loss on option exercise

—

(52,348)

Change in fair value of contingent consideration

—

280

Other income (expense), net

742

(48)

Loss on lease termination

—

(1,906)

Stock-based compensation expense

(10,649)

(11,081)

Severance costs

—

(1,014)

Dividends and accretion of Series A Preferred Stock

—

(7,632)

Transaction-related costs

(462)

(703)

Adjusted EBITDA

$   22,067

$   36,860

Adjusted EBITDA margin

4.4 %

7.6 %

Evolent Health, Inc.

Reconciliation of Adjusted Income (Loss) Attributable to Common Shareholders to

Net Loss Attributable to Common Shareholders

(unaudited, in thousands, except per share data)

For the Three Months
Ended March 31,

2026

2025

Net loss attributable to common shareholders of Evolent Health, Inc.

$   (26,632)

$   (72,250)

Less:

Loss from equity method investees

(11)

(19)

Other income (expense), net

742

(48)

Provision for income taxes

(910)

(1,470)

Change in fair value of contingent consideration

—

280

Loss on option exercise

—

(52,348)

Purchase accounting adjustments

(12,490)

(13,365)

Loss on lease termination

—

(1,906)

Stock-based compensation expense

(10,649)

(11,081)

Severance costs

—

(1,014)

Transaction-related costs

(462)

(703)

Tax impact (1)

(599)

1,979

Adjusted income (loss) attributable to common shareholders

$     (2,253)

$      7,445

Loss per share attributable to common shareholders

Basic

$       (0.24)

$       (0.63)

Adjusted income (loss) per share attributable to common shareholders

Basic

$       (0.02)

$        0.06

Weighted-average common shares

Basic

111,905

115,315

(1)

Non-GAAP financial information for the periods shown are adjusted for an assumed provision for income taxes based on our statutory federal tax rate of 21%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate.

FORWARD-LOOKING STATEMENTS - CAUTIONARY LANGUAGE

Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "aim," "predict," "potential," "continue," "plan," "project," "will," "should," "shall," "may," "might" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to our ability to weather current dynamics, continue to expand our footprint, future actions, trends in our businesses, prospective services, new partner additions/expansions, our guidance and business outlook and future performance or financial results, and the closing of pending transactions and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements involve risks and uncertainties that may cause actual results, level of activity, performance or achievements to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others:

the significant portion of revenue we derive from our largest partners, and the potential loss, termination or renegotiation of our relationship or contract with any significant partner, or multiple partners in the aggregate; the increasing number of risk-sharing arrangements we enter into with our partners; the growth and success of our partners and certain revenues from our engagements, which are difficult to predict and are subject to factors outside of our control, including governmental funding reductions and other policy changes; our ability to accurately predict our exposure under performance-based contracts; failure by our customers to provide us with accurate and timely information; our ability to recover the upfront costs in our partner relationships and develop our partner relationships over time; our ability to attract new partners and successfully capture new opportunities; our ability to offer new and innovative products and services and our ability to keep pace with industry standards, technology and our partners' needs; our ability to maintain and enhance our reputation and brand recognition; our dependency on our key personnel, and our ability to attract, hire, integrate and retain key personnel; risks related to completed and future acquisitions, investments, alliances and joint ventures, which could divert management resources, result in unanticipated costs or dilute our stockholders; our ability to effectively manage our growth and maintain an efficient cost structure; risks related to managing our offshore operations and cost reduction goals; our ability to estimate the size of our target markets for our services; consolidation in the health care industry; competition which could limit our ability to maintain or expand market share within our industry; risks related to audits by CMS and other governmental payers and actions, including whistleblower claims under the False Claims Act; evolution of the healthcare regulatory and political framework; restrictions on the manner in which we access personal data and penalties as a result of privacy and data protection laws; data loss or corruption due to failures or errors in our systems and service disruptions at our data centers; liabilities and reputational risks related to our ability to safeguard the security and privacy of confidential data; our ability to obtain, maintain and enforce intellectual property rights and protect our trademarks and trade names, including from third parties alleging that we are infringing or violating their intellectual property rights; our ability to protect the confidentiality of our trade secrets; risks associated with our use of artificial intelligence and machine learning models; our use of "open-source" software; our reliance on third parties and licensed technologies; restrictions on our ability to use, disclose, de-identify or license data and to integrate third-party technologies; our reliance on Internet infrastructure, bandwidth providers, data center providers, other third parties and our own systems for providing services to our partners and operating our business; our ability to achieve profitability in the future; the impact of additional goodwill and intangible asset impairments on our results of operations; our obligations to make material payments to certain of our pre-IPO investors for certain tax benefits we may claim in the future; our obligations to make payments under the tax receivables agreement that may be accelerated or may exceed the tax benefits we realize; our ability to utilize benefits under the tax receivables agreement described herein; the terms of agreements between us and certain of our pre-IPO investors may contain different terms than comparable agreement we may enter into with unaffiliated third parties; our inability to obtain financing may result in a reduction in the ownership of our stockholders; the conditional conversion features, and changes in accounting treatment of the 2029 Notes and the 2031 Notes, which, if triggered, may adversely affect our financial condition and operating results; our ability to raise funds necessary to settle conversions of our notes in cash, to repurchase our notes for cash upon a fundamental change or to pay the redemption price for any notes we redeem; interest rate risk and other restrictive covenants under our First Lien Credit Agreement and the second lien credit agreement, by and among the Company, Evolent Health LLC, as borrower, certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto, and Ares Capital Corporation, as administrative agent and collateral agent; our indebtedness, our ability to service our indebtedness, and our ability to obtain additional financing on favorable terms or at all; interference with our ability to access the first and second lien credit facilities under our Credit Agreements; the potential volatility of our Class A common stock price; provisions in our certificate of incorporation and by-laws and provisions of Delaware law that discourage or prevent strategic transactions, including a takeover of us; provisions in our certificate of incorporation which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees; our intention not to pay cash dividends on our Class A common stock; the impact of litigation proceedings, government inquiries, reviews, audits or investigations; public health emergencies, epidemics, pandemics or contagious diseases; the cost of compliance with sustainability or other environmental, social responsibility or governance law and regulations; the impact of increasing inflationary pressures and rising consumer costs on our business; and our ability to utilize our net operating loss carry forwards and certain other tax attributes may be limited. The risks included here are not exhaustive. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Our periodic reports and other documents filed with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances that occur after the date of this release.

SOURCE Evolent Health, Inc.

For the quarter ended March 2026, Evolent Health (EVH - Free Report) reported revenue of $496.25 million, up 2.6% over the same period last year. EPS came in at -$0.02, compared to $0.06 in the year-ago quarter.

The reported revenue represents a surprise of -6.68% over the Zacks Consensus Estimate of $531.77 million. With the consensus EPS estimate being -$0.05, the EPS surprise was +57.17%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Evolent Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average PMPM Fees / Revenue per Case - Performance Suite: $17.73 compared to the $16.38 average estimate based on three analysts.Average PMPM Fees / Revenue per Case - Specialty Technology and Services Suite: $0.35 versus the three-analyst average estimate of $0.39.Average PMPM Fees / Revenue per Case - Administrative Services: $14.78 versus $15.65 estimated by three analysts on average.Average Lives on Platform / Cases - Cases: 11 thousand compared to the 13.31 thousand average estimate based on three analysts.Average Lives on Platform / Cases - Performance Suite: 6.08 million compared to the 7.11 million average estimate based on three analysts.Average Lives on Platform / Cases - Specialty Technology and Services Suite: 76.1 million versus the three-analyst average estimate of 68.69 million.Average Lives on Platform / Cases - Administrative Services: 1.12 million compared to the 989.17 thousand average estimate based on three analysts.Average PMPM Fees / Revenue per Case - Cases: $3,772.00 versus the three-analyst average estimate of $3,210.45.Total Revenue by product type- Performance Suite: $323.3 million compared to the $349.79 million average estimate based on three analysts. The reported number represents a change of +6.7% year over year.Total Revenue by product type- Cases: $42.56 million compared to the $42.97 million average estimate based on three analysts. The reported number represents a change of +4.8% year over year.Total Revenue by product type- Administrative Services: $49.59 million compared to the $46.45 million average estimate based on three analysts. The reported number represents a change of -13.3% year over year.Total Revenue by product type- Specialty Technology and Services Suite: $80.8 million versus $80.16 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -2.4% change.View all Key Company Metrics for Evolent Health here>>>

Shares of Evolent Health have returned +49.6% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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A month has gone by since the last earnings report for Antero Midstream Corporation (AM - Free Report) . Shares have added about 9.3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Antero Midstream's Q4 Earnings Miss Estimates, Revenues BeatAntero Midstream reported fourth-quarter 2025 earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 24 cents. The bottom line also declined from the year-ago quarter’s level of 23 cents.

Total quarterly revenues of $297 million beat the Zacks Consensus Estimate of $294 million. The top line also improved from $287 million in the year-ago quarter.

The weak quarterly earnings can be attributed to an increase in total operating expenses. However, higher gathering and compression volumes partially offset the negatives.

Operational Performance

Average daily compression volumes were 3,424 million cubic feet (MMcf/d) compared with 3,266 MMcf/d in the year-ago quarter. The reported figure was above our estimate of 3,274 MMcf/d. On a per-Mcf basis, the compression fee was 22 cents, which increased nearly 5% from 21 cents a year ago.

High-pressure gathering volumes totaled 3,193 MMcf/d, up 5% from the year-ago level of 3,045 MMcf/d. Our estimate for the same was pinned at 3,068 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 23 cents, which remained flat year over year.

Low-pressure gathering volumes averaged 3,435 MMcf/d compared with 3,276 MMcf/d a year ago. The figure was above our estimate of 3,296 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 36 cents, which remained flat year over year. The reported figure met our estimate of 36 cents.

Freshwater delivery volumes were registered at 93 MBbls/d, down 18% from the prior-year quarter’s figure of 114 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.37 compared with $4.31 a year ago. The figure was above our estimate of $4.31.

Operating Expenses

Direct operating expenses amounted to $54.1 million, down from $55.9 million recorded a year ago.

Antero Midstream’s total operating expenses amounted to $196.5 million, up from $109.7 million recorded in the corresponding period of 2024.

Balance Sheet

As of Dec. 31, 2025, the company had cash and cash equivalents of $180 million. The company also had a long-term debt of $3.2 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresCurrently, Antero Midstream has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Antero Midstream has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAntero Midstream belongs to the Zacks Oil and Gas - Integrated - United States industry. Another stock from the same industry, National Fuel Gas (NFG - Free Report) , has gained 9.5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

National Fuel Gas reported revenues of $651.51 million in the last reported quarter, representing a year-over-year change of +18.6%. EPS of $2.06 for the same period compares with $1.66 a year ago.

For the current quarter, National Fuel Gas is expected to post earnings of $2.69 per share, indicating a change of +12.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.8% over the last 30 days.

National Fuel Gas has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

Algert Global LLC boosted its holdings in shares of Antero Midstream Corporation (NYSE: AM) by 105.2% in the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,153,609 shares of the pipeline company's stock after buying an additional 591,346 shares during the quarter.

Chickasaw Capital Management LLC grew its stake in shares of Antero Midstream Corporation (NYSE: AM) by 11.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,409,183 shares of the pipeline company's stock after acquiring an additional 147,250 shares

Posted by Defense World Staff on Apr 8th, 2026

Shares of Antero Midstream Corporation (NYSE:AM – Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $19.40 and traded as high as $23.03. Antero Midstream shares last traded at $22.7850, with a volume of 1,770,244 shares trading hands.

Analyst Upgrades and Downgrades A number of analysts recently weighed in on the stock. Weiss Ratings raised shares of Antero Midstream from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, March 6th. Zacks Research lowered shares of Antero Midstream from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. The Goldman Sachs Group upped their target price on shares of Antero Midstream from $18.00 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Wells Fargo & Company upped their target price on shares of Antero Midstream from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Finally, UBS Group upped their target price on shares of Antero Midstream from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Antero Midstream currently has a consensus rating of “Hold” and a consensus target price of $22.50.

Read Our Latest Research Report on Antero Midstream

Antero Midstream Stock Up 0.8% The stock’s fifty day moving average is $21.78 and its two-hundred day moving average is $19.40. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 1.63. The firm has a market cap of $10.78 billion, a P/E ratio of 26.49 and a beta of 0.75.

Antero Midstream (NYSE:AM – Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The pipeline company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). The company had revenue of $297.00 million during the quarter, compared to the consensus estimate of $292.46 million. Antero Midstream had a return on equity of 20.12% and a net margin of 34.77%.Antero Midstream’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 EPS. As a group, research analysts anticipate that Antero Midstream Corporation will post 0.95 earnings per share for the current year.

Antero Midstream Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, January 28th were issued a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, January 28th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 3.9%. Antero Midstream’s dividend payout ratio is presently 104.65%.

Insider Transactions at Antero Midstream In other news, insider Yvette K. Schultz sold 25,000 shares of the stock in a transaction on Monday, March 9th. The shares were sold at an average price of $22.81, for a total value of $570,250.00. Following the transaction, the insider owned 649,834 shares of the company’s stock, valued at $14,822,713.54. This represents a 3.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brooks J. Klimley sold 5,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $23.16, for a total transaction of $115,800.00. Following the completion of the transaction, the director directly owned 69,680 shares in the company, valued at $1,613,788.80. The trade was a 6.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 44,000 shares of company stock valued at $1,004,690 in the last quarter. Insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On Antero Midstream Institutional investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. increased its holdings in shares of Antero Midstream by 330.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,295 shares of the pipeline company’s stock worth $25,000 after buying an additional 994 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Antero Midstream in the 3rd quarter worth $25,000. Elevation Wealth Partners LLC bought a new position in shares of Antero Midstream in the 4th quarter worth $27,000. Quent Capital LLC bought a new position in shares of Antero Midstream in the 3rd quarter worth $28,000. Finally, Larson Financial Group LLC boosted its stake in shares of Antero Midstream by 68.1% in the 4th quarter. Larson Financial Group LLC now owns 1,747 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 708 shares in the last quarter. Institutional investors own 53.97% of the company’s stock.

Antero Midstream Company Profile (Get Free Report)

Antero Midstream Corporation is a publicly traded midstream service provider that was established in 2014 as a spin-off from Antero Resources. Headquartered in Denver, Colorado, the company owns, operates and develops midstream infrastructure to support the gathering, compression, processing, transportation and storage of natural gas, natural gas liquids (NGLs) and crude oil. Antero Midstream plays a critical role in connecting upstream production in the Appalachian Basin to end-market pipelines and processing facilities.

The company’s core operations include a network of gathering pipelines and compression stations that serve the Marcellus and Utica shale formations across West Virginia, Pennsylvania and Ohio.

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